The Ontario pension fund invested US$75 million in FTX International and its US entity FTX.US in October 2021 followed by an additional US$20 million in FTX.US in January this year.
The investments were made through Teachers’ Venture Growth in a move to gain exposure to an emerging area in the financial technology sector. Ontario Teachers' says the investment represented less than 0.05 per cent of its total net assets and equated to ownership of 0.4 per cent and 0.5 per cent of FTX International and FTX.US, respectively.
It says the loss will have a limited impact on the plan, given its size relative to its total net assets and strong financial position. John Ray III, who was appointed CEO at FTX last week, has called the situation a "complete failure'' of corporate control at the cryptocurrency exchange.
Guess who will want the next increase in pay
They should have just invested that money into bitcoin
Losers
Yikes
Why would they invest in the virtual currency.
That's why they want to go on strike for more pay - they are going to need it after that foolish investment.
I see a strike coming to recoup their losses.
Partner
As much as it's only half a percent of their fund - the worry is how did this pass due diligence? when FTX barely had an accounting department and their auditor was based in the meta verse. There was a failure of due diligence which could cost them in the future if its not fixed
R u all blind. It was a ponzie scheme. This kid thought he was Bernie maddoff
Better not come to the government for a bailout, we’ve done that enough and aren’t paying anymore salaries …. Thanks
Lol
I guess they are going to want the taxpayers to compensate them for their poor investment
Fund manager who made that that decision needs to be looking for new employment.
Woke investing at its best!
How many have been let down by FTX?
Fire the yahoo(s) who approved such investment. It’s only fair.
$95 Million tax payer money gone. Someone should lose their job over this.
Anyone interested do your research on FTX and the money laundering between the US Democratic Party and Ukraine and the Bidens
Lets strike again!!
I hope the OTPP's employees and officer who approved this investment be held accountable for this big mistake. If they think this is not a big failure, then they won't have problem to reimburse USD 95mm to the pension fund.
Keep giving away the teachers' pensions away by investing them... what could go wrong?
Teachers pension got what it deserves, a kick in the teeth.
For the 'IT'S ONLY .05% OF THEIR ASSETS' crowd, that was someone's pension money. Those funds don't just magically reappear in the future. There will be a real, tangible impact from this negligent investment at some point in the future.
How did a major pension fund get suckered into crypto?
Don't worry it's the richest Plan in Canada. Plus next negotiation they will hold students, Govt, and parents for greater $$$. Gimmi Gimmi!
Ouch!!!
If you know someone...
Will this effect the Christmas bonuses 💰💰of any of the portfolio managers involved ? Breakfast cristina_CP24 CourtHeelsCP24 NewsguyNick Jennifer_Hsiung JeeYunTV ArdaZakCP24 BeatriceVaisman
Makes you wonder what else they invested in
That's what happens when you listen to Pierre Poilievre
If only someone could have predicted the fall of crypto… oh yeah, we ALL did.
Wish I could lose 95 mil without repercussions too
wow Pee Pee is economic mastermind, no wonder the cons love him 😂
They are gonna strike over this
When I invest, I do a fair bit of due diligence reviewing financials etc... Some people have to answer some questions on this one. I'm sure it is all on the up and up.
Scamdemic
0.05% of their net assets?!? Damn!!!! How much money does that fund have?!?
Oh someone gettin fired 👀
I’m sure our own politicians cashed in on the scam before the “crash”.
i could have invested all that in walmart stock and made 95 million- fraud - ponzi - inquiry -jail terms
Liberal Teachers: The magic beans we invested in represent only 0.05% of our total net worth. Conservatives: it's $95 Million dollars Liberals Teachers: Pay us more, give us more time off and bigger pensions or we STRIKE! also Ford is evil.
and now they want money from ford. scum
95 million is nothing for otpp. Dont nake story out of it. Probably be tax write-off.
jkenney had to write off 1 billion from a failed guess on a pipeline.
Shame on them. What a poor investment, bitcoin product ? Someone's head must roll..
HelenaTsapoitis
Don’t they own like every parking downtown or some shit?
Like how the pension plan was like 95 million? Meh! That's the chump change in their couch cushions.
It's not the amount of money lost its the fact they gave it to a openly fraudulent Ponzi scheme. Doesn't inspire confidence in the quality of their staff and their investment acumen. Heads should roll
Send the bill to Pierre Poilievre
Uhhhh... I think we will might want to check on our pension funds. Did any other public sector/companies invest in crypto?
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤮🤮🤮🤮
How come the pension fund can invest in something that is not investment graded?
Go woke get stole on. Cupe gonna ask for more than 12% raise to recoup their losses.
'the investment represented less than 0.05 per cent of its total net assets' Don't fall for the rage farming.
Shouldn't have listened to Skippy 🤦♂️
Undoubtedly part of an ESG investment mandate rather than seeking solid returns for the members. Don't count on these pension plans. The administrators are ideologically captured.
…why would you invest in nonsense?…
As if teachers don't have it difficult enough already. Ontario teachers ought to sue the company that invested their hard earned pensions on a ponzi scheme. onpoli
Their claim of “months of due diligence” is laughable. I’m sure that somehow the taxpayer will cover this while nobody is fired from their job
pierrepoilievre's financial prowess in action. 🙄
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